What Others Say: The Fed

Yellen's the right choice to succeed Bernanke

When it comes to economic policy in the United States, nobody - elected or appointed - has more influence than the head of the Federal Reserve. The president and a few others are right up there, but think about it. Ben Bernanke. Alan Greenspan. Paul Volcker. These are household names, constantly in the news. The Fed chair has subtle but far-reaching influence on the nation's monetary policies, as well as playing a pivotal role in the overall strength and health of the economy, and Americans nowadays hang on his every word.

As the current chair, Mr. Bernanke, prepares to exit, President Obama was expected to appoint former U.S. Treasury Secretary Larry Summers to succeed him. But, fearing an ugly confirmation fight in the U.S. Senate, the controversial Mr. Summers recently withdrew from consideration.

It's just as well, because that thrusts Federal Reserve Vice Chairwoman Janet Yellen into the role of front-runner - and she was the better candidate from the start. Mr. Obama should end the suspense and appoint her. She would be an excellent choice to become the nation's 15th chair of the Federal Reserve.

While a product of the usual high-powered East Coast schools, Ms. Yellen served as president of the San Francisco Federal Reserve Bank and as a distinguished professor at UC Berkeley, with which she has been associated for more than 30 years.

By all accounts, she has a sharp mind and is exceptionally focused, detail-oriented and organized. While her first choice is to build consensus, those who have worked with her say she is not at all afraid of conflict when consensus is impossible.

Most agree that her style would be a departure from the low-key Mr. Bernanke but also much more nuanced than Mr. Summers' legendary combative nature.

The new leader of the Fed will need a full measure of the attributes that Ms. Yellen happens to possess in what promises to be an exceptionally difficult tenure.

The U.S. has to become more a part of the global economy. There's simply no turning back. Too much of its business and industry already is international. Ms. Yellen has been traveling the globe during the last three years working to understand and stem international crises.

That experience should stand her in good stead if she is selected for the job, as we hope.

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What Others Say: The Fed

This editorial appeared Thursday in the San Jose Mercury News: When it comes to economic policy in the United States, nobody ? elected or appointed ? has more influence than the head of the Federal